Insurance – Supervised Run Off Provision of Run-Off Plan
Application provision
1.1 This rule is effective from 23:00 on 31/12/2020.
This Part applies to SRO insurers.
2.1
31/12/2020
This rule is effective from 23:00 on 31/12/2020.
A firm must, within 28 days of the date on which the firm becomes a SRO firm, submit a run-off plan to the PRA including:
- (1) a scheme of operations, in accordance with 3; and
- (2) an explanation of how, or to what extent:
- (a) all liabilities to policyholders will be met in full as they fall due; and
- (b) the firm will have ceased effecting contracts of insurance and carrying out contracts of insurance by the end date.